The stock of Ceridian HCM Holding Inc. (NYSE:CDAY) is now priced at $83.68 and the shares are 4.16 points up or 5.23% higher compared to its previous closing price of $79.52. The stock had 1.291 million contracts set over the past session. CDAY shares’ daily volume is compared to its average trading volume at 1.604 million shares. However, it has a float of 139 million and although its performance was 11.54% over the week, it’s one to watch. Analysts have given the CDAY stock a yearly average price target of $84.29 per share. It means the stock’s upside potential is 0.73% with the CDAY share price recently placing at $79.41 to $83.77. However, some brokerage firms have priced the stock below the average, including one that has called $52.
The shorts are running away from the Ceridian HCM Holding Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CDAY shares have declined. Short interest in the stock represents just 5.87% of its float, but the volume has dropped by 0.
In the last trading session, Ceridian HCM Holding Inc. (NYSE:CDAY) raised by $8.66 over the week and gained $1.24 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $87. The stock recorded its established 52-week high on 07/06/20.
Since 03/18/20, the stock has traded to a low of $38.4 at 117.92%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Ceridian HCM Holding Inc.’s two-week RSI is 64.91. This suggests that the stock is neutral at the moment and that CDAY shares’ price movement remains stable. The stochastic readings are equally revealing at 93.88% meaning the CDAY share price is currently in oversold territory.
The technical chart shows that the CDAY stock will likely settle at between $85.16 and $86.65 per share. However, if the stock dips below $80.8, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $77.93.
Currently, the stock is trading in the green of MACD, with a reading of 3.46. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at CIBC cut their recommendation for CDAY from Sector Outperform to Neutral in August 06 review while maintai their target price of $83. Piper Sandler analysts see the stock as a Neutral with a target price of $69 in a flash note released to investors on May 22 initiating covering the stock. JP Morgan seeing the stock struggling downgraded it from Neutral to Underweight on April 23 placing it at $45.
The average rating for the CDAY equity is 2.44 and is currently gathering a bullish momentum. Of 17 analysts tracking Ceridian HCM Holding Inc. polled by Reuters, 7 rated CDAY as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (8) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CDAY stock price is 153.26X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 167.4 below the group’s average of 6367.1. Ceridian HCM Holding Inc. has its P/E ratio at 6.2, which means that the stock is currently trading at a discount relative to the 11.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Ceridian HCM Holding Inc. (NYSE:CDAY) will decrease by about -99.9%, which will see them reach $200 million. The company’s full-year revenues are, however, expected to increase by about 1.69%, up from $824 million to $838 million. CDAY’s expected adjusted earnings should drop almost -54.55% to end up at $0.05 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -10.87% to record $0.41/share.